🏦 Tariffs live updates: Trump says US will set new tariff rates for trading partners soon

Image source: Adobe Stock

President Donald Trump said on Friday that the US will set tariff rates for its trading partners within the next few weeks. He explained that the administration cannot negotiate trade deals with all countries at once due to limited capacity.

💻 Nvidia shares roar back as clouds hanging over chipmaker Fade: After several months in the wilderness, Nvidia Corp. shares have found their way again as doubts about Big Tech spending subside, trade tensions with China ease, and new chip buyers emerge.

The stock rallied this week and is on track for the best month in a year after a series of long-term sales agreements during President Donald Trump’s trip to the Middle East. Yahoo Finance reports.

🏦 Fed’s Bostic says he sees one rate cut this year, no recession: Federal Reserve Bank of Atlanta President Raphael Bostic said he expects the US economy to slow this year but not fall into recession, and reiterated that he sees one interest-rate cut in 2025.

Bostic said economic growth could come in at 0.5% or 1% this year, as uncertainty and concerns about the outlook weigh on consumers. Fluctuating trade policy has also made businesses more reluctant to make important decisions, Bostic said. Yahoo Finance reports.

✂️ Exclusive: Citi to cut up to 200 tech contractor roles in China, sources say: Citigroup tab is cutting up to 200 information technology contractor roles in China, two people familiar with the matter said, as the bank looks to hire its own staff globally for such operations to improve risk management and data governance.

Last July, U.S. bank regulators fined Citi $136 million for making "insufficient progress" fixing data management issues and the IT revamp underscores Citi's efforts to meet regulatory demands. Reuters reports.

📈 Defense supplier Renk’s shares add 8.5% after earnings impress JPMorgan analysts: Shares of battle tank parts maker Renk Group shot up by 8.5% after analysts at JPMorgan upgraded the stock to “overweight” — somewhat similar to a “buy” rating at other investment banks.

The upgrade from the Wall Street bank came after the company reported a 164% increase in its order book to 549 million euros ($615 million) in its first quarter. CNBC reports.

💸 Equity fund inflows surge on trade optimism, inflation relief: Global equity funds attracted the largest weekly inflow in seven weeks in the week through May 14, buoyed by a U.S.-China trade war truce that has significantly reduced the risk of a global recession.

According to LSEG Lipper data, global equity funds bagged a net $19.57 billion in inflows during the week, the largest amount for a week since March 26. Reuters reports.

✈️ An unexpected theme is coming out of a turbulent sector: Stability: Stability isn't the word that comes to mind when the subject is US airlines. Yanked guidance, persistent headlines of service disruptions, and airport calamities have forced less-flattering associations with the sector.

But a steadiness is nonetheless the theme of the moment (apologies to travelers in Newark) as airlines share signs of booking stability even as trade and travel uncertainty cloud the outlook, alongside safety unease. Yahoo Finance reports.

⌚ Shares of Cartier owner Richemont jump 7% as shoppers splurge on jewelry despite luxury slowdown: Cartier owner Richemont on Friday posted better-than-expected fiscal fourth-quarter sales, as the wealthiest spenders continued to shrug off global macroeconomic uncertainty.

Revenues at the Swiss luxury group rose 7% year-on-year at constant exchange rates to 5.17 billion euros ($5.79 billion) in the three months to the end of March, above the 4.98 billion euros forecast by analysts in an LSEG poll. CNBC reports.

📺 Two of the biggest US cable companies, Charter Communications and Cox Communications, seek merger in $34.5 billion deal: Two of the biggest US cable companies, Charter Communications and Cox Communications, seek merger in $34.5 billion deal. Yahoo Finance reports.

(All pricing and percent gains are based on Early Pre-Market from 4:00 AM to 7:00 AM Eastern Time)
Benzinga reports.

1) $TSSI: TSS

Total gain: +43.40%

2) $AMST: Amesite

Total gain: +39.28%

3) $TGL: Treasure Global

Total gain: +31.86%

4) $CURR: Currenc Group

Total gain: +21.59%

5) $SPCE: Virgin Galactic Holdings

Total gain: +20.59%

The closing price of the top three market percent gainers trading near or above $3 on May 14.
Benzinga reports.

*All pricing and percent gains are based on regular market trading hours from 9:30am to 4:00pm Eastern Time

1) $AYTU: Aytu BioPharma

Total gain: +88.9%

The company announced operational and financial results for the third quarter of fiscal 2025. Net revenue increased 32% to $18.5 million, compared to $14.0 million in the third quarter of fiscal 2024. Benzinga reports.

2) $FL: Foot Locker

Total gain: +85.7%

DICK'S Sporting Goods and Foot Locker announced that they have entered into a definitive merger agreement under which DICK'S will acquire Foot Locker. The transaction implies an equity value of approximately $2.4 billion and an enterprise value of approximately $2.5 billion. Yahoo Finance reports.

3) $KDLY: Kindly MD

Total gain: +81.5%

The stock appeared to be moving on no notable news.

Time (ET) / Report / Period

8:30 am - Import price index - April

8:30 am - Import price index minus fuel - April

8:30 am - Housing starts - April

“Patience in trading is as valuable as timing. It's not just about when you enter, but how long you're willing to stay in the game.”

- Morgan Housel

Sourced in: “The Psychology of Money”, by Morgan Housel, published in 2020